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TC BioPharm Announces Closing of $2.0 Million Public Offering

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TC BioPharm (NASDAQ: TCBP), a clinical stage biotechnology company, has closed a $2.0 million public offering of 2,000,000 American Depository Shares (ADSs) or pre-funded warrants, along with Series G Warrants. The offering was priced at $1 per ADS with associated warrants. Series G Warrants have an exercise price of £0.78 per ADS and will expire in one year. The company plans to use the net proceeds to support its upcoming clinical trial on relapse/refractory Acute Myeloid Leukemia, as well as for continuing operating expenses and working capital. This offering was made through a registration statement on Form F-1 declared effective by the SEC on August 12, 2024.

TC BioPharm (NASDAQ: TCBP), un'azienda biotecnologica in fase clinica, ha concluso un'offerta pubblica di 2,0 milioni di dollari di 2.000.000 di American Depository Shares (ADS) o warrant pre-finanziati, insieme a Warrant di Serie G. L'offerta è stata prezzata a 1 dollaro per ADS con warrant associati. I Warrant di Serie G hanno un prezzo di esercizio di £0,78 per ADS e scadranno in un anno. L'azienda prevede di utilizzare i proventi netti per supportare il prossimo trial clinico sulla Leucemia Mieloide Acuta in caso di recidiva/resistenza, così come per le spese operative continuative e il capitale circolante. Questa offerta è stata effettuata attraverso una dichiarazione di registrazione sul Modulo F-1 dichiarato efficace dalla SEC il 12 agosto 2024.

TC BioPharm (NASDAQ: TCBP), una empresa biotecnológica en etapa clínica, ha cerrado una oferta pública de 2,0 millones de dólares de 2,000,000 de American Depository Shares (ADS) o warrants prefinanciados, junto con los Warrants de Serie G. La oferta se fijó en 1 dólar por ADS con warrants asociados. Los Warrants de Serie G tienen un precio de ejercicio de £0,78 por ADS y vencerán en un año. La empresa planea utilizar los ingresos netos para apoyar su próximo ensayo clínico sobre la Leucemia Mieloide Aguda en recaída/refractaria, así como para continuar con los gastos operativos y capital de trabajo. Esta oferta se realizó a través de una declaración de registro en el Formulario F-1 que fue declarada efectiva por la SEC el 12 de agosto de 2024.

TC BioPharm (NASDAQ: TCBP), 임상 단계의 생명공학 회사,가 200만 달러 규모의 공모를 마감했습니다. 200만 개의 미국 예탁주식(ADS) 또는 선취권과 G 시리즈 워런트와 함께 진행되었습니다. 이 공모가는 ADS당 1달러로 책정되었습니다. G 시리즈 워런트의 행사 가격은 ADS당 £0.78이며, 1년 후에 만료됩니다. 회사는 순수익을 재발/내성 급성 골수성 백혈병에 대한 다가오는 임상 시험을 지원하는 데 사용할 계획이며, 계속 운영 비용 및 운영 자본에도 사용합니다. 이 공모는 2024년 8월 12일 SEC에서 유효하다고 선언된 F-1 양식을 통한 등록 선언서를 통해 이루어졌습니다.

TC BioPharm (NASDAQ: TCBP), une société biopharmaceutique en phase clinique, a conclu une offre publique de 2,0 millions de dollars de 2 000 000 d'American Depository Shares (ADS) ou de bons de souscription préfinancés, accompagnés de Bons de Souscription de Série G. L'offre a été fixée à 1 dollar par ADS avec des bons de souscription associés. Les Bons de Souscription de Série G ont un prix d'exercice de 0,78 £ par ADS et expireront dans un an. La société prévoit d'utiliser le produit net pour soutenir son prochain essai clinique sur la leucémie myéloïde aiguë en rechute/réfractaire, ainsi que pour couvrir les frais d'exploitation courants et le fonds de roulement. Cette offre a été réalisée par le biais d'une déclaration d'enregistrement sur le formulaire F-1 déclarée efficace par la SEC le 12 août 2024.

TC BioPharm (NASDAQ: TCBP), ein biopharmazeutisches Unternehmen in der klinischen Phase, hat eine öffentliche Angebot von 2,0 Millionen Dollar abgeschlossen über 2.000.000 American Depository Shares (ADS) oder vorfinanzierte Warrants zusammen mit den Serie G Warrants. Das Angebot wurde mit 1 Dollar pro ADS bepreist, einschließlich der zugehörigen Warrants. Die Serie G Warrants haben einen Ausübungspreis von £0,78 pro ADS und laufen in einem Jahr ab. Das Unternehmen plant, den Nettoerlös zu nutzen, um seinen bevorstehenden klinischen Versuch zur Rückfall/refraktären akuten myeloischen Leukämie zu unterstützen sowie für fortlaufende Betriebskosten und Working Capital. Dieses Angebot wurde durch eine Registrierungserklärung auf dem Formular F-1 durchgeführt, die von der SEC am 12. August 2024 für wirksam erklärt wurde.

Positive
  • Successful closing of a $2.0 million public offering
  • Funds to support upcoming clinical trial for Acute Myeloid Leukemia
  • Additional capital for continuing operating expenses and working capital
Negative
  • Potential dilution of existing shareholders due to new share issuance
  • Short-term expiration of Series G Warrants (one year)
  • Relatively small offering size may not provide long-term financial stability

Insights

TC BioPharm's $2.0 million public offering is a double-edged sword for investors. While it provides essential capital for the company's upcoming clinical trial in relapse/refractory Acute Myeloid Leukemia, the offering's structure raises concerns. The issuance of 2 million ADSs at $1 per ADS, coupled with warrants, suggests significant dilution for existing shareholders. The one-year expiration on the Series G Warrants adds short-term pressure on the stock price. This funding, while necessary, may not be sufficient for long-term operations, potentially leading to further capital raises. Investors should closely monitor the company's burn rate and clinical trial progress to assess future financing needs.

The focus on relapse/refractory Acute Myeloid Leukemia (AML) is strategically sound for TC BioPharm. AML is a challenging cancer with high unmet medical needs, especially in relapsed/refractory cases. The company's allogeneic gamma-delta T cell therapy platform could offer a novel approach in this difficult-to-treat population. However, the $2 million raised seems modest for a clinical-stage biotech, potentially limiting the scope or duration of the planned trial. Investors should seek clarity on the trial's design, expected timelines and how far this funding will stretch. The success of this AML program could be a significant catalyst for TC BioPharm, but the funding may constrain its ability to fully capitalize on potential positive results.

EDINBURGH, Scotland, Aug. 15, 2024 /PRNewswire/ -- TC BioPharm (Holdings) PLC ("TC BioPharm" or the "Company") (NASDAQ: TCBP) a clinical stage biotechnology company developing platform allogeneic gamma-delta T cell therapies for cancer and other indications, today announced the closing of its previously announced public offering of 2,000,000 shares of its American Depository Shares ("ADSs")(or pre-funded warrants in lieu thereof), together with Series G warrants ("Series G Warrants") to purchase up to 2,000,000 ADSs at a combined public offering price of $1 per ADS (or pre-funded warrant in lieu thereof) and associated Series G Warrant.  The Series G Warrants have an exercise price of  £0.78 per ADS, are exercisable upon issuance and will expire one year from the date of issuance.  Each ADS represents two hundred ordinary shares of the Company. 

The gross proceeds to the Company from the offering were $2.0 million, before deducting offering expenses payable by the Company.  The Company intends to use the net proceeds from this offering to support its upcoming clinical trial focusing on relapse/refractory Acute Myeloid Leukemia, and for continuing operating expenses and working capital.

A registration statement on Form F-1 (File No. 333-280659) relating to these securities described above was filed with the Securities and Exchange Commission, or the SEC, and was declared effective by the SEC on August 12, 2024. The offering was made only by means of a prospectus, which is part of the effective registration statement. A final prospectus relating to the offering was filed with the SEC.  Electronic copies of the final prospectus may be obtained for free on the SEC's website located at http://www.sec.gov.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this Current Report on Form 8-K that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding the Company's intent or ability to affect any budget savings or execute on any M&A or capital raising strategy. These statements are based on management's current assumptions and are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. For other important factors that could cause actual results to differ materially from the forward-looking statements in this Current Report on Form 8-K, please see the risks and uncertainties identified under the heading "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023, and our other reports filed with the SEC, all of which is available on the Company's Investor Relations website at www.tcbiopharm.com and on the SEC website at www.sec.gov. All forward-looking statements reflect the Company's beliefs and assumptions only as of the date of this press release. The Company undertakes no obligation to update forward-looking statements to reflect future events or circumstances.

About TC BioPharm (Holdings) PLC

TC BioPharm is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of gamma-delta T cell therapies for the treatment of cancer with human efficacy data in acute myeloid leukemia. Gamma-delta T cells are naturally occurring immune cells that embody properties of both the innate and adaptive immune systems and can intrinsically differentiate between healthy and diseased tissue.

TC BioPharm is the leader in developing gamma-delta T cell therapies, and the first company to conduct phase II/pivotal clinical studies in oncology. The Company is conducting two investigator-initiated clinical trials for its unmodified gamma-delta T cell product line - Phase 2b/3 pivotal trial in treatment of acute myeloid leukemia using the Company's proprietary allogeneic CryoTC technology to provide frozen product to clinics worldwide.

 

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SOURCE TC BioPharm

FAQ

What was the size of TC BioPharm's (TCBP) recent public offering?

TC BioPharm (TCBP) closed a $2.0 million public offering on August 15, 2024.

How will TC BioPharm (TCBP) use the proceeds from its recent offering?

TC BioPharm (TCBP) intends to use the net proceeds to support its upcoming clinical trial on relapse/refractory Acute Myeloid Leukemia, and for continuing operating expenses and working capital.

What was the pricing of TC BioPharm's (TCBP) recent public offering?

TC BioPharm's (TCBP) public offering was priced at $1 per ADS (or pre-funded warrant) with an associated Series G Warrant.

When do the Series G Warrants from TC BioPharm's (TCBP) offering expire?

The Series G Warrants from TC BioPharm's (TCBP) offering will expire one year from the date of issuance.

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Biotechnology
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